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Friday, September 24, 2010

A Deputy Minister is Appointed under the 1997 Constitution

Loans and Advance Rose from one Billion to 4.2 Billion Dalasis in 12 Months

VOL:1 ISSN:18 Dr. Isatou Njie-Saidy, the Vice President and Minister of Women’s Affairs, has said that a deputy minister is appointed under the provision of Section 80 of the Constitution of The Gambia 1997.

The Vice President was responding to a question raised by Hon. Sidia Jatta of the National Alliance for Democracy and Development (NADD) and Member for Wuli West on how many Junior Ministers go into the system and from what vote are they remunerated, during the question and answer session of the National Assembly on Tuesday 15th December 2009 in Banjul.

Dr. Njie-Saidy added that Deputy Ministers will act as assistants to the Substantive Minister, while citing that their salary and allowances are paid from the Consolidated Revenue Fund.

The Finance Minister was also on hand to answer questions of economic concern from National Assembly Members. The APRC Member for Niamina West, Lamin Jadama asked him whether his Ministry is taking any step to encourage the numerous commercial banks in The Gambia to introduce some degree of investment portfolio in the market.

In response, Abdou Kolley, the Minister of Finance and Economic Affairs stated that The Gambia has witnessed a marked growth in the number of financial institutions over the past few years.

He revealed that two Banks were granted operating license in 2009, increasing the numbers of banks to thirteen, adding that the increase in the numbers banks enhances competitiveness and lending from the private sector, including long term lending.

According to him, during the twelve months ended September 2009, the industry balance sheet rose to D13.9 billion or 23.27 per cent from a year earlier, while loans and advance rose from a billion in September 2008 to 4.2 billion in September 2009, representing a growth of 28.09 per cent.

He also said that agriculture, fisheries, tourism and construction accounted for 24.13 per cent of total loans and advance, noting that the Central Bank of The Gambia would continue to encourage banks to lend to the productive sectors of the economy but in a manner that is consistent with safe and sound banking.

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